Fluence Energy (NASDAQ:FLNC) Price Target Lowered to $28.00 at Barclays

Fluence Energy (NASDAQ:FLNC) had its price target trimmed by Barclays from $30.00 to $28.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other brokerages have also recently issued reports on FLNC. Roth Mkm reiterated a buy rating and set a $27.00 target price (down previously from $31.00) on shares of Fluence Energy in a report on Friday, May 10th. Guggenheim cut Fluence Energy from a buy rating to a neutral rating in a report on Thursday, June 6th. Bank of America decreased their target price on Fluence Energy from $29.00 to $28.00 and set a buy rating for the company in a report on Wednesday, July 17th. Raymond James upgraded Fluence Energy from a market perform rating to an outperform rating and set a $22.00 target price for the company in a report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. boosted their target price on Fluence Energy from $25.00 to $28.00 and gave the stock an overweight rating in a report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Fluence Energy has an average rating of Moderate Buy and an average target price of $27.76.

Fluence Energy Price Performance

NASDAQ FLNC opened at $16.08 on Friday. Fluence Energy has a 12 month low of $13.03 and a 12 month high of $30.19. The company has a 50-day moving average of $19.54 and a 200-day moving average of $18.35. The company has a market cap of $2.88 billion, a P/E ratio of -41.97 and a beta of 2.51.

Fluence Energy (NASDAQ:FLNC) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.07) EPS for the quarter, meeting analysts’ consensus estimates of ($0.07). Fluence Energy had a negative net margin of 2.10% and a negative return on equity of 8.48%. The company had revenue of $623.14 million during the quarter, compared to the consensus estimate of $538.42 million. During the same quarter in the prior year, the company posted ($0.21) EPS. The company’s quarterly revenue was down 10.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Fluence Energy will post 0.09 EPS for the current year.

Institutional Trading of Fluence Energy

Several institutional investors have recently added to or reduced their stakes in FLNC. Handelsbanken Fonder AB increased its stake in Fluence Energy by 145.5% during the fourth quarter. Handelsbanken Fonder AB now owns 2,880,052 shares of the company’s stock valued at $68,689,000 after purchasing an additional 1,706,808 shares during the last quarter. Vanguard Group Inc. increased its stake in Fluence Energy by 41.0% during the fourth quarter. Vanguard Group Inc. now owns 5,521,379 shares of the company’s stock valued at $131,685,000 after purchasing an additional 1,605,345 shares during the last quarter. Lazard Freres Gestion S.A.S. bought a new stake in Fluence Energy during the second quarter valued at $26,877,000. Clean Energy Transition LLP bought a new stake in Fluence Energy during the fourth quarter valued at $32,124,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Fluence Energy by 1,355.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,024,114 shares of the company’s stock valued at $17,758,000 after purchasing an additional 953,761 shares during the last quarter. Institutional investors own 53.16% of the company’s stock.

About Fluence Energy

Fluence Energy, Inc, through its subsidiaries, offers energy storage products and solution, services, and artificial intelligence enabled software-as-a-service products for renewables and storage applications in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company sells energy storage products with integrated hardware, software, and digital intelligence.